Question 1

What is Bank of Africa Togo?

Accepted Answer

Bank of Africa Togo (BOA-Togo) is a universal commercial bank operating in Togo as part of the larger Bank of Africa Group, a pan-African banking network present in 19 countries across West, East, and Central Africa. The bank serves both retail and corporate clients, providing comprehensive banking services backed by the expertise and resources of an international financial group.

As of December 2021, BOA-Togo operates with total assets of CFAF 189.8 billion and customer deposits of CFAF 94.3 billion. The bank has approximately 156 employees across its network of 14 locations throughout the country.

Question 2

When was Bank of Africa Togo founded?

Accepted Answer

Bank of Africa Togo opened to the public in October 2013, making it one of the more recent additions to the Bank of Africa Group network. The bank was established as part of the group's expansion strategy into West African Economic and Monetary Union (WAEMU) countries.

The parent Bank of Africa Group traces its origins back to 1982 when it was first established in Mali by local businesspeople to address the scarcity of banking services in Francophone West Africa. Since 2010, the group has been majority-owned by Morocco's BMCE Bank (now Bank of Africa BMCE Group), which holds approximately 72% of BOA Group shares.

Question 3

Where is Bank of Africa Togo headquartered?

Accepted Answer

Bank of Africa Togo is headquartered in Lomé, the capital city of Togo, at Boulevard de la République. The headquarters building is prominently located on the main avenue that runs along the entire southern corridor of the country, facing the beautiful beach of Lomé known for its coconut trees along the coast.

In 2023, the bank celebrated its 10th anniversary and completely refurbished its headquarters building, which serves as a landmark visible to all travelers passing through the coastal corridor between Ghana and Benin.

Question 4

Where does Bank of Africa Togo operate?

Accepted Answer

Bank of Africa Togo operates through a network of 14 locations across the country, consisting of 13 agencies and 1 Business Center (Centre d'Affaires). The bank maintains a strong presence in both the capital and provincial regions.

In Lomé, the bank has 10 locations including the Business Center and branches at: Centrale, Fréau Jardin, Baguida, Hedzranawoe, Boulevard (Dekon), Adidogomé, Port, Agoè, and Wuiti.

In provincial areas, BOA-Togo operates 4 branches in key cities: Kara, Cinkassé, Atakpamé, and Sokodé, ensuring banking access across different regions of Togo.

Question 5

What services does Bank of Africa Togo offer?

Accepted Answer

Bank of Africa Togo offers a comprehensive range of banking products and services for both individuals and businesses:

Retail Banking Services include personal loans adapted to various life events (including education financing through "Tous à l'École"), savings accounts, and current accounts.

Payment and Transfer Services feature BOA Express (the group's money transfer service available across the BOA network), domestic and international card services (both proprietary and international), and bill payment facilities.

Digital Banking includes mobile banking accessible via smartphone or tablet, allowing customers to manage accounts, cards, and transfers securely. Customers can access real-time notifications of account and card movements, perform transfers without visiting branches, and manage their finances remotely.

Corporate Banking provides business financing, corporate accounts, and specialized services for companies operating in Togo.

Question 6

What makes Bank of Africa Togo unique?

Accepted Answer

Bank of Africa Togo distinguishes itself through its connection to the pan-African Bank of Africa Group network, offering customers access to banking services across 19 African countries. This provides unique advantages for businesses and individuals engaged in cross-border activities within Africa.

The bank's BOA Express service enables rapid and economical money transfers within the entire Bank of Africa network across the continent, offering convenience and competitive pricing compared to traditional international transfer services.

BOA-Togo has demonstrated strong financial performance, with its return on equity improving substantially from 6.1% in 2020 to 15.9% in 2021, and net income growing from CFAF 698 million to CFAF 2,058 million during the same period. This financial strength, combined with a capital base of CFAF 15.5 billion, positions the bank as a stable and reliable financial partner.

Question 7

What type of financial institution is Bank of Africa Togo?

Accepted Answer

Bank of Africa Togo is a universal commercial bank (banque commerciale universelle), a classification common within the West African Economic and Monetary Union (WAEMU) banking system. Universal banks in this context provide a full range of banking services to all customer segments.

The bank operates across three main markets: Retail banking (serving individual customers), Corporate banking (serving business clients), and Financial markets, offering comprehensive financial intermediation services. This universal banking model allows BOA-Togo to serve diverse customer needs from personal savings to complex corporate financing.

As a member of the WAEMU banking system, BOA-Togo is regulated by the Banking Commission of WAEMU (Commission Bancaire de l'UMOA) and maintains regulatory capital ratios well above minimum requirements, with a Tier 1 + Tier 2 / RWA ratio of 14.8% as of December 2021.

Bank of Africa Togo

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About Bank of Africa Togo in Togo